As First Credit Union celebrates its diamond jubilee this year, it is important to note the impact that the financial cooperative has, and continues to have, on the community.
The credit union movement in Canada, brought to this country by immigrants, traces its history to a small Quebec town at the turn of the last century. By the 1930s, the idea of financial cooperatives had spread across the continent and British Columbia’s first credit union was established 75 years ago in Powell River.
Starting from a deposit of a few dollars and just a handful of members the Powell River Credit Union, which changed its name to First Credit Union in 2007, has grown to serve over 10,000 members and have more than $255 million in assets.
Over the years the credit union has supported its members with not only access to financial services, but also to insurance and more recently investing services.
It is one of the pillars of this community.
The credit union has expressed its mission to strengthen the well-being of members and make meaningful community impact.
Micro-finance, or being able to provide people in poverty access to financial services, has always been a strength of the model where the cooperative’s mandate is lined up with its members’ interests.
Because the organization is owned by the community, the profits are given back in the form of donations, sponsorships and community investment.
In 2012 alone, the First Credit Union gave a total of $73,000 in donations and sponsorships to over 75 organizations. In 2013, about $500,000 was given out in the form of donations, sponsorships and scholarships in the six communities the credit union serves.
Again this year the credit union will provide four $1,500 Young Leaders Scholarships.
It regularly supports students with scholarships and helping local non-profits, like Powell River Search and Rescue Society, with donations to purchase much-needed equipment.
Last year, the credit union matched $5,000 worth of community fundraising so the volunteer search and rescue group could purchase a new rescue vehicle.
As the credit union celebrates its 75th, it does so by donating all money raised at its celebration to help The Compassion Project which hosts its Compassion Challenge on Friday, May 23.
